Market Overview:
Stem cells are undifferentiated biological cells that can differentiate into specialized cells and can divide to produce more stem cells. Stem cell banking involves the process of collecting and storing stem cells from the umbilical cord, placenta, and bone marrow for potential future use in treating diseases like blood disorders, diabetes, cardiac disorders, etc. Stem cells have the potential to treat a wide range of diseases like spinal cord injuries, myocardial infarction, diabetes, neurological disorders, autoimmune disorders, and others. Thus, increased applications in the field of regenerative medicines and therapeutics are expected to drive the demand for stem cell banking and storage during the forecast period.
Market key trends:
Umbilical cord banking is gaining more popularity as compared to bone marrow banking. This is due to factors such as ease of sample collection from the umbilical cord as compared to invasive bone marrow collection procedures, availability of large number of stem cells in umbilical cord as compared to bone marrow, and higher viability and proliferation potential of umbilical cord stem cells. According to a report by Transparency Market Research, the global umbilical cord banking market was valued at US$ 1.2 billion in 2021 and is expected to exhibit a CAGR of over 18% during the forecast period.
Another trend is the emergence of customized stem cell banking plans to cater growing customer needs. Various stem cell banks offer different stem cell banking plans such as pay-as-you-store plans, full payment plans, and family plans targeting specific customer segments. For instance, Cryoviva Biotech Pvt. Ltd. offers BijoSafe stem cell banking plans such as Basic, Premium, and Family plans with customizable enrollment and storage duration options. Increasing awareness about benefits of early cord blood collection and storage is also fueling the growth of stem cell banking market.
The global Stem Cell Banking Market Size is estimated to be valued at US$ 534.81 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Porter’s Analysis
Threat of new entrants: The strict government regulations and high set-up costs involved act as a barrier for new players in the stem cell banking market.
Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of services offered whereas some pharma companies having large scale operations enjoy higher bargaining power.
Bargaining power of suppliers: Major suppliers are stem cell harvesting and processing companies that have moderate bargaining power due to availability of substitutes and differentiated offerings by storage banks.
Threat of new substitutes: Increasing demand for advanced regenerative medicines is driving innovation but high development and approval costs limit threats from substitutes in near future.
Competitive rivalry: Presence of large number of global as well as regional players intensifies the competition.
Key Takeaways
The global stem cell banking market is expected to witness high growth, exhibiting CAGR of 18.% over the forecast period, due to increasing prevalence of chronic diseases. North America dominated the market in 2023 due to presence of advanced healthcare infrastructure and increasing adoption of stem cell therapeutics in the region.
Regional analysis
Asia Pacific is anticipated to exhibit the fastest growth in the stem cell banking market during the forecast period. This is attributed to rapidly growing economies, rising healthcare expenditure, increasing healthcare infrastructure investments and expanding patient pool diagnosed with different chronic ailments in the region.
Key players operating in the stem cell banking market are Stem Cyte, Inc., CRYO-CELL INTERNATIONAL, INC., ViaCord, Cord Blood Registry, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, and Transcell Biolife Pvt. Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
